Buying An EV Gets Easier With Washington State’s Revamped Rebate
In the United States, the 2010 federal EV tax credit served as a template for many of the state rebates and tax credits enacted across the country including in Texas and California. But in the years since, we have seen a growing number of unique rebate strategies.
The biggest change is that the process has become more friendly to consumers as federal and state governments favor point-of-sale rebates. These are vastly preferred over the previous tax credits and refund checks that would sometimes arrive months after the original purchase.
Right now Colorado is probably the king of EV-friendly states, offering a $5,000 rebate for most electric vehicles and an additional $2,500 rebate for entry-level vehicles with an MSRP below $35,000. Like the current federal rebate, the Colorado rebates can be applied at the time of your purchase or lease.
But Colorado could be dethroned by the latest revision to Washington state’s EV rebate. At least for those who meet the income requirements.
As reported by Automotive News, the state of Washington found that not only upper-income residents were considering electric vehicles. Lower and middle-income residents were just as interested in electrifying their personal fleet. But up until recently, the cost for many was simply too high. Prices have indeed come down significantly over the past two years. But this new rebate hopes to hasten the transition to cleaner transportation for those in lower income brackets.
The new program will enable individual taxpayers earning less than $45,180 annually or $93,600 for a family of four to save up to $9,000 on the 3-year lease of a new electric vehicle. Residents looking to finance the vehicle instead can save up to $5,000 on a new EV and $2,500 on a used vehicle purchase. Qualifying vehicles must also have an MSRP less than $90,000. Although most buyers who would qualify for the rebate would not be interested in purchasing a vehicle in that price range.
About 37% of Washington residents would qualify for the program. The Department of Commerce’s $45 million in funding will enable as many as 9,000 residents to drive home in a new or used electric vehicle.